Portfolio Update

Baillie Gifford Shin Nippon PLC
04 August 2005

                         BAILLIE GIFFORD SHIN NIPPON PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



31 July 2005


No      Holding                                                                  % of Total
                                                                                   Assets

1.      Kenedix                                                                     2.9%
2.      Suruga Corp                                                                 2.7%
3.      Arrk                                                                        2.6%
4.      Sodick                                                                      2.5%
5.      Sanyo Shinpan Finance                                                       2.5%
6.      Goldcrest                                                                   2.3%
7.      CKD                                                                         2.3%
8.      Tokyo Livable                                                               2.2%
9.      Sumisho Lease                                                               2.1%
10.     Park24                                                                      2.1%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   3 August 2005






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